"Read not to contradict and confute, nor to believe and take for granted, nor to find talk and discourse, but to weigh and consider."  Sir Francis Bacon

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There is streaming multimedia video at the bottom of the page.  You can stop the video with the controls under the playback.  Scroll down to see or stop the video.
Update for Monday, April 3rd  10:26am:  Pairs and Time
One chart reminded me of something we have not discussed in some time and that's the next step after asking ourselves "who's awake?"

The follow-up question to that should be "Is the country of the pair that I am looking to trade awake?"  Here's an example with the Kiwi.  Now remember in Sydney it's 12:26am as I type this.  New Zealand is also asleep.  So as I look at this potential breakdown in the Kiwi on the 60 minute charts is there home nation participation?  No, not right now.  This is not necessarily going to always keep me from entering a trade.  For example on pairs like the Euro and Yen participation is global.  But with a pair like the Kiwi, this is not the case.

The breakdown is confirmed and that alone could certainly trigger the entry short.  The stop-loss is a tight one with the downtrend line close by (the point at which this trade is no longer valid) and the top line of the Wave should offer some resistance.  Just keep in mind that the Kiwi doesn't have a lot of active trading when Australian and New Zealand markets are closed.

 
Update for Monday, April 3rd  10:10am:  The U.S. Dollar Cash Index
Good Morning Traders, let's see what persists on my radar this morning.  It's really sideways market after sideways market this morning...One look at the U.S. Dollar Cash Index and it is abundantly clear.

The 90.00 level ("00" pip psychological number) is currently support as we should expect to be at least for a short time.  Remember to always keep an eye on both these "invisible" psychological levels. 

The look on the daily chart is a little different story because the larger triangle pattern that has been developing for some time now is trying to break to the upside.  The resistance seems to be at the top line of the Wave and the downtrend line itself although prices did pierce both these levels and then quickly retrace.  The high this morning was 90.40.  But what we will keep an eye on here is the not the resistance but the 90.00 support.  Now remember the pairs that have the most direct relationship to the U.S. Dollar are the Euro and Swissy.

 

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Update for Sunday, April 2nd:  Returning to the office from a great weekend!
Hi Gang, I am just returning to the office from a relaxing weekend of fishing.  My husband and I attended the the Maverick/Hewes/Pathfinder Owners "Fun"ament in Ft. Pierce, FL. and it was a great time.  We got to tour the plant where the boats are made as well as fish in the annual tournament.  The weather was great even if the fishing wasn't.  My husband and I own a vintage Hewes flats boat and try to get in the skinny water and backcountry as often as we can to fish.  

I also was at the Forex Trading Expo in Ft. Lauderdale on Thursday and Friday and got to meet a few Circle members as well as sign some books...it was great meeting many of you.  I also put on a four hour presentation which I will be able to make available to you folks soon.  The folks over and Intershow recorded the event and I had already committed to donate my profits from the event to St. Jude's Children Hospital. 

One thing that attendee after attendee told me was "eye opening" was the fact that I do not get up at two in the morning trade but rather that I trade the U.S. open and the U.K. afternoon/close. 

The other was the way I broke down the clock angles of the Wave.  I simplified the entire process by the three types of entries that I use:  momentum, swing, and Wave/CCI.

When the Wave is traveling at between:

12:00 and 2:00 = swing trade (long entry)

3:00 = momentum trade

2:00 to 4:00* = Wave/CCI trade

4:00 to 6:00 = swing trade (short entry)

* Remember that a 3:00 clock angle is not when you want to use the Wave/CCI.

This week's economic reports:

Apr 03 00:00EST Auto Sales March
Apr 03 00:00EST Truck Sales March
Apr 03 10:00EST Construction Spending February
Apr 03 10:00EST ISM Index March
Apr 05 10:00EST ISM Services March
Apr 05 10:30EST Crude Inventories March
Apr 06 08:30EST Initial Claims April
Apr 07 08:30EST Average Workweek March
Apr 07 08:30EST Hourly Earnings March
Apr 07 08:30EST Nonfarm Payrolls March
Apr 07 08:30EST Unemployment Rate March
Apr 07 10:00EST Wholesale Inventories February
Apr 07 15:00EST Consumer Credit February
 

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Update for Friday, March 31st:  Ft. Lauderdale
I'm at the Expo this morning and so there will be no update today...I'll be back on Monday.  Have a great weekend!
 
Update for Thursday, March 30th:  ThirtyDaysofTrading.com
Hey Traders, I posted an excerpt from my upcoming book "Thirty Days of Trading" over at www.thirtydaysoftrading.com.  The section is about "The Four Keys to Order Execution" which I will be discussing at tomorrow's Expo presentation.  And by the way, if you haven't already, be sure and check out the "Canada walk through" video I posted yesterday...just scroll down.  And then head over to thirtydaysoftrading.com!
 
Update for Thursday, March 30th:  The sideways U.S. Dollar
The action of the overall market hasn't been terrible on the shorter intraday charts.  There's decent range and the 30 and 60 minute charts have yielded some nice set ups and follow-though.  You'll notice though that the longer term time frames, especially the daily time frame, have been stuck in a range...you need not look any further than the U.S. Dollar Cash Index chart.

The sideways, three o'clock Wave and the triangle pattern that continues to squeeze prices are the culprit.  Until we get outside this range the follow-through of the longer term charts like the daily, will be non-existent.

 
Update for Thursday, March 30th  8:06am-6:15am EST
I've got a 1:00pm presentation at the Forex Trading Expo in Ft. Lauderdale this afternoon.  I love live presenting...and I look forward to meeting many of you who are making the flight or the drive to Ft. Lauderdale. 

We have GDP and Initial Claims coming out this morning.  Both are being released at 8:30am and that's our hot zone.

So let's see what's on my radar this morning.  The equal and opposite forces of the Euro and Swissy are at work this morning.

Both these charts are setting up within a triangle pattern.  The Swissy has already broken down on the smaller time frame charts but the longer time frames of the 180 and 240 minute are still in "wait and see" mode.

The 240 Euro however has made it's move and broken up through the downtrend line.  The only thing keeping me from getting long is the price...the 1.2085-.2087 break is only 13-15 pips below the 1.2100 level which by the way was the high of the breakout candle.  The horizontal line just above the high of the breakout candle is 1.2107-.2108.

One of the questions I get often are what happens when you have two time frames of the same pair that are setting up at the same time, with opposite entries.  Well, if it's only a set up then there is not really a problem. If it's a confirmation of both at the same time remember that the longer term charts carry more weight -- but we still have to wait and see if either chart confirms.  Here are two charts of the Yen.

 

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Update for Wednesday, March 29th:  Canada walk-through
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Weekly Multimedia Lesson with Raghee Horner...This is a chance for you to take between eight and ten minutes and learn a new tip or technique as it applies to my trading style, momentum and swing entries, profit targets, stop-losses, Fibonacci Levels, Pivot Points, candlesticks, the Wave, and confirmation indicators like the CCI and MACD Histogram.   These multimedia lessons will also be archived. 

 

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